PEAK OIL WATCH….OPEC agreed today to increase oil production by 500,000 barrels per day. But check out this sentence in the New York Times coverage:
Consuming nations, including the United States, have been urging OPEC producers to put more oil on the market, warning that the winter months would see a big jump in consumption that non-OPEC producers would not be able to meet.
Note that this is now apparently conventional wisdom: the only spare oil production capacity left in the world is in OPEC. The non-OPEC peak isn’t five years off, or ten years off. It’s now.